The 5-minute SPY chart below indicates that we are basing just under this morning’s highs. Although the major indices are mixed with a slight bullish bias, there are indeed some decent pockets of momentum today. I suspect the close will shed some light on just how heavy the artillery is that the bulls are bringing to this fight. While I am still treading very lightly, I am open to the idea of the market improving. The low-1340’s up through 1360 on the S&P 500 is the big battleground area, to my eye. So far, there has been no violent rejection.